What Are Countable Assets For Social Security Disability and SSI?

Social Security has two disability programs that involve different eligibility requirements. Social Security disability is based upon an insured status that is earned through work activity, while Supplemental Security Income (SSI) is based upon need.

Consequently, Social Security does not consider assets when they make a determination as to an individualís eligibility for Social Security disability benefits. Countable assets are a factor of eligibility for SSI only.

Currently, the resource limit for an individual applying for SSI benefits is two thousand dollars and the coupleís resource limit is three thousand dollars. While these limits have been the same amount for years, there is a possibility that they could change at any time. Check with Social Security to find out the current year income and resource limits. So what assets are counted as resources or assets for SSI eligibility purposes?

Social Security allows an individual or couple to exclude their highest valued vehicle and the home and land they live on. If an individual or couple own land other than the land they live on, own more vehicles, boats, motorcycles, bank accounts, stocks, bonds, or any other item that could be sold for cash, it will be counted against the SSI resource limit.

It makes sense that all resources or assets that could readily be turned into cash be counted toward the SSI disability program resource limit. After all, SSI is a need-based program. This program is in place to help those who have not worked that much, worked a long time ago, those who have not worked at any time in their life, and children (their parents must meet the income and resource limits) to have the possibility of financial help through monthly disability benefits.

If an individual or couple has assets or resources above these limits, it is reasoned that they are more able to provide for their support than those who are under the limits or have no resources at all.